Retirement

I recently came across a savings calculator that determines how much you need to save to provide an income after retirement. I was quite horrified to discover that I need to put away approximately $3600 per month in order to have a lump sum large enough to provide me with an annual retirement income of $40,000.

When you prepare a long-term financial plan for your retirement or a child’s education fund, a 2 – 3% inflation rate is factored into the total.